When GST comes, petrol 75 and diesel will be Rs 68 - SBI report


Posted on 6th Mar 2021 02:59 pm by rohit kumar

Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.

 

Petrol and diesel fall in GST, 0.4% loss to GDP

 

Did you know?Explore Trending and Topic pages for more stories like this.

Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.

 

Saudi Arabia turned down India's request

 

Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.

 

Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.

2 Like 0 Dislike
Previous news Next news
Other news

Weather Update: Entire North India shivered due to severe cold, yellow alert in Delhi; This condition will remain like this for two to three days

The entire North India including Delhi-NCR is facing the brunt of severe cold these days. Cold wa

Report: Twitter board reconsidering Elon Musk's proposal, may take a big decision regarding the deal

The discussion of the world's richest man and Tesla CEO Elon Musk buying Twitter has once again g

Russia-Ukraine war: The war between two countries puts an impact on the world, with many effects seen globally in the last year

The war between Russia and Ukraine has completed one year. Ukraine was attacked by Russia on 24 F

China's dominance in chip manufacturing will end: Biden approves $ 200 billion bill, US companies will benefit

US President Joe Biden signed a very important bill on Tuesday. Through this bill, America will n

New facility for Indians: Now police clearance certificate will not have to be taken to go to Saudi Arabia

The Saudi Arabian government has announced a big relief to the Indians coming to their country. T

Mission Kabul was completed like this: The biggest challenge was to gather everyone in one place, the journey of 20 minutes was completed in three hours

New Delhi: Amidst the Taliban occupation and chaos in Kabul, the evacuation of Indian Embassy sta

Will there be a mock drill in your district amid India-Pakistan tension? The list of all 244 districts including UP-Bihar.

After the Pahalgam terrorist attack, tensions between India and Pakistan are constantly increasin

Bareilly: The kite of Bareilly got cut in the political bets, how it is being ruined 'Hand of unemployed people

The song from the 1966 film 'Mera Saaya' may have brought fame to the city of Bareilly in Uttar P

Maharashtra will face lockdown? Important meeting of CM Uddhav, 1 lakh cases received in three days

An important decision may be taken today by the state government to curb the growing cases of Cor

PM Modi will visit France today will attend the AI summit; Rafale deal may be discussed

Prime Minister Narendra Modi will be on a three-day visit to France from Monday at the invitation

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash